9/29/2004 @ 11:27AM

Q&A: Jonathan Tisch

What follows is the transcript of a Sept. 28 online chat on the Forbes.com CEO Network with Jonathan Tisch, chief executive of Loews Hotels and author of the new book The Power of We (John Wiley & Sons, $24.95).

Forbes.com: Welcome, Jon. I must say, this is a good time to be a Tisch. Your father Bob moved up to No. 60 on the newly released Forbes 400 list for 2004; his New York Giants won on Sunday, and you’ve got a new book out. It’s called The Power of We: Succeeding Through Partnerships. Let’s start with the obvious question: What led you to write it?

Jonathan Tisch: As I was traveling around the country giving speeches on this topic, I saw that the message was resonating with people. I thought the book would allow me to reach a larger audience. The thoughts are important in this age of CEOs being hauled off in handcuffs. We should all be working together.

Forbes.com: What do you mean by partnerships, and how would they benefit a CEO who decides to follow your lead?

In The Power of We, I discuss six different constituencies that one needs to partner with. When you partner, you work together to help and better yourself, while doing the same for the group that you are working with. And this is not just for CEOs. The book explains how this works really for anybody in a corporate setting or a pro bono organization.

Fundog: Do you think there’s ever a time for a partnership to dissolve in the best interests of all parties?

Yes, if the partnership is not working for the parties, and they are not achieving their stated goal, they should agree to disagree, and move on.

Fundog: What is a sign you’re in a good partnership? What about a bad one?

A good partnership will produce for all parties the results that were set out early on when looking at your goals and objectives. These results should be financial and social. Believe me, you will know when it is not working.

Forbes.com: What role did collaboration play a role in the Tisch family’s success story, from running a summer camp to building up today’s multibillion-dollar business empire? What kind of partnership, for example, existed between your father and your late Uncle Larry?

My father and late uncle were the perfect example of partners. My father was the one who would run the companies that Larry would buy. It is pretty impressive when you think that 55 years ago, what is today Loews Corporation started with a summer camp in Lakewood, New Jersey. My siblings and my cousins also got to benefit from watching my parents and my aunt and uncle always know their place in the world by always helping others.

Forbes.com: Give us an example of how the firm you run, Loews Hotels, has partnered successfully with another firm or organization.

Our partnership with Chef Emeril Lagasse is an example of where both organizations benefit from the relationship. At the Loews Miami Beach Hotel and our Royal Pacific Resort, on the grounds of Universal Studios in Orlando, we needed a competitive restaurant. We reached out to one of the best names in the business. He wanted to expand in these markets. It is a great amenity for our guests, and all the parties are very happy. Emeril filled a real need for us.

Fundog: I’m also from a family in the hotel business. Do you think serving guests has changed your outlook on the world at large?

It has not really changed my opinion, because I have always known how important it is to take care of the guests. And it is our line workers that makes that happen. I can sit in my office here in NYC and make decisions about the future, but it is the folks in the field that are doing the work. They are invaluable to our success.

Forbes.com: I notice that even rival hotelier Bill Marriott gave your book a nice blurb. Very collaborative of him. But isn’t all this emphasis on collaboration a bit counterintuitive? Isn’t competition the engine that drives American capitalism?

We all need to focus on the bottom line. What Mr. Marriott understands, which is in the book, is that you can create success for yourself, while also ensuring that those around you also do well.

Forbes.com: What do you make of the huge success of Donald Trump‘s The Apprentice, which encourages cutthroat competition among executives? Does that send the wrong message to would-be executives?

What is interesting about the young people on The Apprentice, is that they start out all playing nicely in the sandbox. But then, the only way they can succeed is to stab each other, pretty much in the front, not the back. This is a bad message, but so are the thoughts that come out of a lot of TV.

Forbes.com: Didn’t you make a recent TV appearance yourself, on a new reality show called Now Who’s Boss? What was that about?

This was also called a “reality” show, but I considered it more “real” TV. It was a wonderful look at the real people working in our hotels, who have real jobs, and real families to take care of. It also allowed me to revisit jobs that I had not done in 35 years, and certainly ones that I have not done as CEO. It was a unique and rewarding experience, and I would encourage anybody in a senior management position to try it in their company.

Adelegardiner: Do you think the Republican Convention was as much of an economic success for New York City as you were anticipating?

Yes. Our estimates are that the convention produced an additional $255 million in revenue for the city. We know that some businesses suffered, but overall, it was great for NYC. Also, thousands of people that had never been here had a chance to experience all that we have to offer and said they would return in the future.

Forbes.com: In the wake of the recent corporate scandals and the reforms they sparked, such as Sarbanes-Oxley, do you see CEOs ready to embrace a more collaborative management approach?

Yes. It is their best interest to be more collaborative. As articulated in The Power of We, you can work together, be successful, and create an environment where everybody gets what they need and does well.

Fundog: Are there any partnerships that you’ve felt you’ve missed out on?

Yes, over the years we have missed some opportunities. But at Loews, we focus on enhancing shareholder value, and protecting our downside.

Forbes.com: That’s all we have time for today. Thanks, everybody, for participating. So long!